During the year-earlier period, the company earned $121.3 million, or 60 cents a share, on revenue of $2.26 billion. The year-earlier results included a one-time charge of $204.2 million, or $1.01 a share.

Phelps Dodge said results were boosted by higher copper prices, which averaged $3.19 a pound in the quarter, compared with $2.03 per pound a year earlier. The company also recorded a $156.7 million gain from mark-to-market accounting.

"As a result of actions we took during the past few years, we are in excellent condition both operationally and financially," the company said. "We continue to benefit from strong prices for copper and molybdenum, each of which reflects solid market fundamentals."